It used to be that lenders mailed out verifications to employers, banks, mortgage companies, and so on, in order to verify the data supplied by borrowers. Nowadays, the interest is often in speed and getting answers quickly so alternate documentation has become more widely used. Alternate documentation means that underwriting answers can be obtained with information supplied directly from the borrower instead of waiting around for verifications to come back in the mail.

The following is required for most standardized loans as part of alternate documentation processing. Items may differ according to whether your loan is a conforming (Fannie Mae or Freddie Mac), non-conforming (jumbo) loan, government loan, or a portfolio loan.

Verifications are still mailed out, but usually as part of quality control procedures.

These are the things you need to supply to your lender to get a quick approval using alternate documentation

Income Items

W2 forms for the last two years

Pay stubs covering a 30 day period

Federal tax returns (1040s) for the last two years, if:

you are self-employed

earn more than 25% of your income from commissions or bonuses

own rental property

or are in a career where you are likely to take non-reimbursed business expenses

Year-to-Date Profit and Loss Statement (for self employed)

Corporate or partnership tax returns (if applicable)

Pension Award letter (for retired individuals)

Social Security Award letters (for those on Social Security)

Asset Items

Bank statements for previous two months (sometimes three) on all accounts. All pages.

Statements for two months on all stocks, mutual funds, bonds, etc.

Copy of most recent 401K statement (or other retirement assets)

Explanations for any large deposits and source of those funds

Copy of HUD1 Settlement Statement on recent sales of homes

Copy of Estimated HUD1 Settlement Statement if a previous home is for sale, but not yet closed

Gift letter (if some of the funds come as a gift from a family member)

Gifts can also require:

Verification of donor’s ability to make the gift (bank statement)

Copy of the check used to make the gift

Copy of the deposit receipt showing the funds deposited into bank account or escrow

Credit Items

Landlord’s name, address, and phone number (for verification of rental)

Explanations for any of the following items that may appear on your credit report:

Late payments

Credit inquiries in the last 90 days

Charge-offs

Collections

Judgments

Liens

Copy of bankruptcy papers if you have filed bankruptcy within the last seven years

Other

Copy of purchase agreement (if you have already made an offer)

To document receipt of child support (if you desire to show it as income)

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Testimonials

I can't thank you enough for all of your help and guidance on this very bumpy journey. You have shown great patience with me and for that I am grateful. When I look back on this endeavor, you will always be a part of that memory. Thank you for all of your kindness.
Sincerely,

TL

It took a bit to finally take a deep breath and start thinking about all the people who helped us get to our retirement phase of life. You were the one who helped the most. I always knew you were good at your job, but now I truly understand. Thank you for everything!
M & L

You are the best agent! We were very fortunate to have you work for us! Thanks for all your hard work!M & C

Just a note to say thanks for your patience and help in finding the right house for us. We couldn't be happier with our new home."
E&B

"I can't thank you enough for this wonderful achievement I have made! You have been so helpful."
K.P.

"We can't thank you enough for helping us sell and buy our homes. You have lifted our spirits when needed and soothed our souls. This challenging process was made so much easier because you were always available for help. Thank you for always being there. You are a friend forever."K&S

"Thank you for finding us a wonderful home. We couldn't be happier. We appreciate all your hard work."
J and L

Thank you for going the extra mile to make the sale of my house successful. I appreciate all of the effort and time you put into every transaction for me.D.Y.

"How can we find enough words to say thank you for all your professional expertise to "steer" us through the difficult process of finding, selling and buying a new home. We are so happy here." Ralph and Nancy

Dan, you have no idea how much you have changed our lives! Thank you so much!"
S&S

"Thank you for all your help, time, patience and hard work. We appreciated it all!"Stephanie and Paul

"John and I want to thank you for once again going above and beyond for us. We don't think of you as our Realtor, but as our friend."
Thanks,
Donna and JohnD and J

"You are the hardest working man in real estate! From the very first meeting with you we were put at ease by your calm demeanor and professional nature. You have been a fabulous listener and a kind director. We are moving into our dream house because of the work you have done for us. We wish you could sell us something else...so we could still get to see you!"Greg and Martha

"Thank you for hanging in there with us for such a long journey. At times things seemed to be a bit rough, but we always kept faith in you and things worked out!"
Brenda and Dan

" I want to sincerely thank you for all you did during the recent sale of my house. As you know, it was a very tense and emotional time for me. You were there every step of the way to answer questions or discuss concerns, explain what was happening and help find people to perform the work that needed to be done. Your professionalism, calm manor and optimism about the sale helped me through the down times. You also went above and beyond what was called for to ensure the sale. I want you to know this was truly appreciated. I would not hesitate to highly recommend you to anyone buying or selling a home in the area. Thank you again for all the hard work and dedication. I truly could not have asked for more."
Mary Ellen C.

" I wanted to write you this note to let you know how much my family appreciated all of your help. I hope our relationship can continue for many more years."Tom G

"Jon and I cannot thank you enough for all your hard work to get us here so smoothly. You make it look so effortless even though it was a very tedious process. Choosing you for our realtor was the best decision we made."
John and Stacey

"I just wanted to let you know how much I appreciate all you did during the sale of the property. With Dad's illness and passing your friendship and professionalism enabled the brokering to be stress free."
M.L.M

"You have gone above and beyond for us and for that we always be greatful."Rick & Nicole Easthampton

"Thanks so much for all your help in finding our home. We love it!"Anna and Dan (S. Hadley)

Thank you so much for all your help getting our new home. We love it here. You helped make buying our home a great experience."
Michelle and Phil - Huntington

"Thank you for helping our parents sell their home. This was such an emotional time for them and we appreciate all your time and patience to make it happen."John and Donna , Northampton

"I just wanted to say thank you again for your hard work and compassion. You made a very difficult time in my life easier to deal with and I greatly appreciate that and all that you went out of your way to do."Cheryl , Granby

"Thanks so much for all your hard work to get us into our new home."Jimmy and Dian , Easthampton

"Thank you for helping us throughout our house building process. We think you did a fantastic job and we enjoyed working with you."Brian and Pam, Easthampton

"Thanks for all your help. We love our condo!"Walter and Gail, Easthampton

We just wanted to say thank you for all of your help in buying our home. Your sense of humor and pleasant ways made us feel at ease."
Julia and George

"Thank you for your help, patience and endurance selling the house. I felt very comfortable with you as my real estate agent."
Krista, Northampton

"Thank you for all your help, humor and patience. Mike and I love the house more everyday. I'll recommend you to everyone!"Rita and Mike, Easthampton

"Thank you for all your help, humor and patience. Mike and I love the house more everyday. I'll recommend you to everyone!"Beth, Easthampton